Mortgage Applications Down as Rates Rise

The market composite index was down 8.8% on a seasonally adjusted basis for the week ended May 24 from the previous week, as the refinance index fell 12%, the largest single week drop in refinance applications this year.

The share of applications filed to refinance a mortgage fell to 71% from 74% a week earlier.

The average rate on 30-year fixed-rate mortgages increased to 3.9%, the highest rate since May 2012, from the prior week's 3.78%.